• Middle Eastern capital declares more hotel interest

Middle Eastern capital has made further declarations of intent into the hotel business in the past week totalling $1.1bn.

The two announcements concern Saudi-based business, the Siraj Hospitality Investment Company, with a $500m outlay, and Nakheel, the Dubai-based property company, which has launched a hotel division with $600m of investment.

SHIC is backed by Siraj Capital and the Saudi Arabian General Investment Authority with advice from DTZ. Emaar Properties, which describes itself as the world's largest real estate company, is putting $75m into the fund.

The money is to be invested in hotels and other hospitality facilities in the King Abdullah Economic City in Saudi Arabia.

Nakheel, the developer of more than $30bn of real estate, is using its $600m to invest in eight hotels. These include a 800 unit condo-hotel development, the Trump Hotel & Tower Palm Jumeirah, and a 400-room hotel and resort in Djibouti.

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